Vertical Aerospace (EVTL) Lytham Partners Spring 2025 Investor Conference summary

Industry landscape and company positioning

• Industry has consolidated to a handful of viable players, with significant funding and regulatory progress marking a shift from concept to reality.

• Over $1.8 billion has recently flowed into the sector, with infrastructure and regulatory frameworks advancing rapidly, especially in the U.K. and Europe.

• Urban mobility challenges in mega cities are driving demand for low-altitude solutions, with eVTOL aircraft positioned as a key answer.

• Market surveys predict the sector will evolve into a trillion-dollar industry, with infrastructure like vertiports expanding globally.

Product innovation and differentiation

• Aircraft is designed for safety, capacity, and efficiency, with certification targeted for 2028 under the highest global standards (CAA/EASA, 10^-9 safety level).

• Largest airframe in the sector, initially seating four with plans to scale to six, and unique ability to carry significant luggage.

• Hybrid variant recently announced, extending range from 100 to 1,000 miles and payload from 600 kg to 1,200 kg, opening new markets including defense.

• Aircraft is fully electric, near-silent, and produces zero emissions, addressing key barriers of helicopters: cost, safety, noise, and pollution.

Financial and operational progress

• Balance sheet was cleaned up in December, converting $130M of debt to equity and raising $90M in new equity, making the company highly investable.

• Order book includes around 1,500 aircraft from major airlines and leasing companies, reflecting strong market validation.

• Business model leverages recurring battery sales, with batteries expected to comprise 50% of future revenue at over 40% margin.

• Partnership with Honeywell deepened, culminating in a certification and production contract worth over $1 billion, integrating advanced flight control and autonomy technology.